London Ontario condos, be they townhouses, or apartment condos took an average 11 days to sell as of June 25, 2019! However, of the 957 that sold 126 of them were on the market 66 days! When the asking price of a condo in London, Ontario is higher compared to others that are for sale or have sold in the last few months, here is what happens!
- LOW Final Sales Price – An overpriced condo, still on the market beyond the average selling time, usually leads to a lower selling price. To sell it, you will have to reduce the amount, sometimes several times. In the end, you’ll likely get less than if it had been correctly priced at the start.
- Limited Buyers – Potential buyers may not view your condo because it would be out of their price range.
- Limited Showings – Realtors may be reluctant to view your condo or bring their clients as it may be perceived as a “stale’ listing.
- Extended Stay on the Market – When a home is on the market too long, buyers wonder, “what’s wrong,” or “why hasn’t this sold?”
- Wasted Time and Energy – For example, a buyer who gets a bank appraisal on an overpriced condo will quickly determine that they’ve wasted their time because the evaluation will not support the sales price and the buyer will not be able to get the financing.
Well maintained, correctly priced condos always sell quicker and at asking price or more! Let me show you how you can sell your condo in London Ontario quicker and for money.